The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-12-07
To the congrc.. of the United states


To the Congress Of tho United states
You are confronted 1T the threshold Of
your legislative duties with condition OF
the national finances which impeativcly
demands immediate and careful consider.
alton. The amount OF money annually cX-
acted, through the operation OF present
laws, from the industries and necessities
OF the people, largely exceeds the sum nee.
essary TO meet the expenses OF the govern
ment. When We consider that the theory
OF our institutions guaatces TO every citi.
zen the full enjoyment of all the fruits Of
his industry and enterprise, with only such
deduction ~ may he his share toward the
careful and economical maintenance OF the
government whichprutccts him, il is plain
that the eXaction OF more than this is in
dcfcnsible extortion, and culpable be-
trayal OF American fairness and Justice.
This wrong inflicted upon those who bear
the burden Of national taxation, like other
wrongs, mutiplics 4 brood OF evil consc-
quenccs. The public treasury, which
should only exist rs conduit conveying
the peoples tribute 10 It's legitimate objects
OF expenditure, becomes boarding place
for money necdlcSsly Withdrawn from trade
and the peoples Use, thus Gripping our
national energies, suspending our countrys
development, preventing investment in
productive enterprise, threatening tinan-
cial disturbance, and inviting schemes OF
public plumber. This condition Of our
treasury is not altogether new; and il has
mon than once OF Late been submitted to
the peoples Representatives in the Con-
gress, who alone can applya remedy. And
yet the situation still continues, with ag-
gravaicd incidents, more than ever pre-.
saying financial convulsion and wide
spread disaster. IL will not 10 TO neglect
this situation, because its dangers are not
owpalpably imminent and apparent. They
exist none the less certainly, and await
the unforeseen and unexpected occasion
when suddenly they will be prccipitated
upon ~.
EXCESS or REvENrE.
On the 30th day OF June, 1895, the ex.
cess OF revenues over public expenditures,
after complying with the annual require.
ment Of the sinking fund act. was Sl7, SJa,-
735 81; during the year ended June 30,
1856. such excess amounted 10 $40, I0j, :.
5ij 20, and during the year ended June
20, 1877, Il reached the sum Of S55, 5G7, =
$40 ~. The annual contributions 10 the
sinking fund during the three years above
specified amounting in the aggregate 20
$l3S, 05S, 800 ~, and deducted from the
surplus rs stated, were made by calling In
for that purpose outstanding . per cent.
bonds OF the government. During the six
months prior 10 juno 10, 1857, the surplus
revenue had grown 80 large 10y repeated
Accommodations aud Il was feared the with.
dawal OF this great sum Of money needed
by the people, would ~ affect the busincs,
OF the country that the sum Of S1g,S6i, l0O
oi such surplus was applied 10 the pay
mcnt Of the principal aud interest Of the
3pcr cent. bonds still outstanding. and
which were then payable ai the option Of
the government The pccarious oondi.
ton Of financial affairs among the people
siill needing relief, Immediately after the
:Nih day Of June, 1877. the remainder ~
TIM . per cent. bonds then outstanding.
amounting with principal and interest 10
the sum Of SlS,SI1.JOO, were called IN and
applied 10 the sinking fund contribution
for the current fiscal year.
Notwithstanding these operations Of the
treasury department, representations Oi
distress in business cirles not only con.
tinued but increased aud absolute peril
seemed ut hand. In these circumstance.
the contribution "a the sinking fund ioi
the current fiscal year was 1T once com.
pleied by the expenditure OF S27,6sl,.
2S3 - in the purchase Of government
bonds not yet due, bearing I and 4 pei
cent interest, the premium paid thereon
averaging about ~ per cent. for the former
and per cent. ior the latter. In addition
90 this the interest accruing during th,
current year upon the outstanding bonded
Indebtedness OF the government was Il
some extent anticipated, and banks No.
lectod M repositories Of public money
were permitted 10 somewhat increase thcil
deposits. While the cXpedicnls thus en-
ploycd 10 release 10 the people the money
lying idle in the treasury served
TO AvEET IMMEDIATE DANGER,
our surplus revenues have continued Z,
accumulate, the cxuSs Tor the present
year amounting on the lst day Of beccm
Der 10 Sj5, 2jS, 7Gl ~, and estimated I,
reach the sum Of Sll3,O0O, 600 on the soil
Of June next, NJ which date Il Is expected
that this sum, added 10 prior accumula
tons, viii swell the surplus la the trcasur,
10 SilO,OOO,OOO.
There seems to bc no assurance that
with such n withdrawal from Use OF IA,
peoples circulating medium, our busincs
community may not in the near future b
subjected 10 the same distress which wa
quite lately produced from the same cause
And while the functions u our natona
treasury should be- few aud simple, an,
while it, bcai condition would bc reached
yet when, 10y pcrycrSion of 10 purposes
II idly holds money usclcssly abstractec
from the channels Of trade, there seems {,
be reason for the claim that some lcgiti
mate means should he devised by the gov
ernment 10 restore IN an emergency. with
ont waste or extravaganza, such money q
Us place among the people u such NJ
emergency arises; there now exists no cloa
and undoubtcd executive power Of relief
Heretofore the redemption Of per cent
bonds, which were payable at the optior
OF the government, has afforded mean